Stocks Plunge in US, Europe
U.S. stock market prices plunged 1 in Thursday's trading, wiping out all the gains made so far this year. Investors 2 were apparently 3 worried about the debt crisis in Europe and reports suggesting that U.S. economic growth may not resume as quickly or as strongly as had been hoped.
In New York trading, the Dow Jones Industrial Average fell 513 points, or 4.3 percent. The S&P 500, which tracks large companies, was down 4.8 percent. And the many technology stocks in the NASDAQ were hurt even more, falling 5.1 percent.
Earlier, European indexes also posted sharp losses.
Altogether, it is the biggest retreat since the financial crisis of 2008 and 2009, and it worries Barton Biggs, who manages the financial firm,Traxis Partners of Greenwich, Connecticut.
"We are into a panic sell-off and it is very scary," said Biggs. "It is very scary because of the secondary consequences it's going to have on consumer confidence and business confidence."
Consumer confidence is important because people who are worried about their economic future are less likely to do the spending that drives most U.S. economic activity. Low business confidence reduces the chances that firms will make the investments needed to start or expand businesses and create jobs.
While many investors are worried, James Paulsen, the chief investment strategist of Wells Capital Management thinks falling stock prices are an opportunity for investors to buy stocks cheaply and make money - if they are bold enough.
"I'm kind of optimistic we have been in a soft patch now for several months, so we have already sort of been consolidating 4, and refreshing 5 values," said Paulson. "You now have the opportunity to buy the S&P 500 at a little over 13 times, trailing 12-month earnings 6."
Under a measure frequently used by investors, that is a relatively 7 cheap price for stocks.
Paulson and Biggs spoke 8 to the Bloomberg financial news service.
Some other analysts 9 say investors may be getting out of stocks before a key economic report on the U.S. job market is released Friday.
Economists 10 surveyed by news agencies predict that the jobless rate will remain at 9.2 percent, and the economy will have a net gain of 85,000 jobs.
The unemployment rate is relatively high by U.S. standards, and it will take significantly larger job gains to reduce that number.
Unemployment is a key economic and political issue in the United States.
- The train derailed and plunged into the river. 火车脱轨栽进了河里。
- She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。
- a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
- a cash bonanza for investors 投资者的赚钱机会
- An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
- He was apparently much surprised at the news.他对那个消息显然感到十分惊异。
- These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
- We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网
- I find it'so refreshing to work with young people in this department.我发现和这一部门的青年一起工作令人精神振奋。
- The water was cold and wonderfully refreshing.水很涼，特别解乏提神。
- That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
- Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
- The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
- The operation was relatively painless.手术相对来说不痛。
- They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
- The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》